Stantec (TSX:STN) shares have been steadily climbing, with the stock gaining 5% over the past month and up 41% over the past year. Investors have been watching its consistent financial performance and strong annual growth.

See our latest analysis for Stantec.

Stantec’s momentum is hard to ignore, with its share price rising nearly 5% over the past month and total shareholder return climbing a remarkable 41% in the past year. After a steady run and a recent 1.13% daily gain, the stock continues to capture attention for balancing consistent growth with strong long-term results.

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With shares near all-time highs and analysts forecasting only modest further upside, the question becomes clear: is Stantec still trading at an attractive value, or is the market already factoring in all its future growth?

With Stantec’s last close at CA$158.78 and the narrative fair value set at CA$164.36, the consensus positions the shares just below “fair,” hinting at limited but real upside as expectations adjust.

Demand for infrastructure upgrades, water/wastewater treatment, energy transition, and climate adaptation projects remains exceptionally strong globally. The company reports double-digit organic growth and a $7.9 billion backlog, positioning it for sustained revenue expansion in line with multi-decade trends toward urbanization and aging infrastructure.

Read the complete narrative.

The math driving this fair value is not what you might expect. The narrative leans on accelerating margins and high-octane growth projections, along with a future profit multiple that stands apart from the industry. Want to know what’s behind that bold call? Get the details and see for yourself.

Result: Fair Value of $164.36 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, ongoing integration risks from recent acquisitions or unexpected shifts in government infrastructure funding could challenge Stantec’s projected growth and current valuation outlook.

Find out about the key risks to this Stantec narrative.

From a different angle, Stantec’s current price suggests the stock could be expensive. Its price-to-earnings ratio stands at 41.5x, which is much higher than the industry average of 24.7x and our calculated fair ratio of 24.3x. This may point to higher valuation risk than the analyst consensus implies and raises the question: Is the market overpaying for future growth?

See what the numbers say about this price — find out in our valuation breakdown.

If you see things differently or want to dive into the numbers on your own terms, you can shape your take in just a few minutes with Do it your way.

A good starting point is our analysis highlighting 2 key rewards investors are optimistic about regarding Stantec.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

Companies discussed in this article include STN.TO.

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